Launching a Money Management Company
Assuming we become successful enough to obtain the capital of starting our own company, here is exactly how we would do it.
4.5.1 Legal Structure
There are four basic ways to legally structure your company when you are just starting out. These structures are sole-proprietorships, partnerships, corporations and limited liabilities companies. To narrow down which structure we want for our company we first needed to take into account the type of business you own, the size of the business and many other individual factors. If that still doesn‘t help we will then seek the advice of a lawyer that specializes in business law (Ehrhardt, 2012).
A sole-proprietorship can only be constructed by an individual that is the only owner of the company. The only exception to this rule is if the owners are husband and wife. In a sole-proprietorship there is one very distinctive benefit and one equally distinctive drawback. The benefit to this legal structure is that there is no legal requirement necessary to form it. Basically, this means that we could create a sole-proprietorship for little if any cost and maintain it without further paperwork or legal filings. The disadvantage to this structure is that the individual that